The Real Deal New York

Here’s what the $10M-$20M NYC investment sales market looked like last week 

Bonjour Capital nabs Harlem development site; city buys new Bronx facility for Parks and Rec

August 25, 2015 04:10PM
By Kyna Doles

From left: 50 Spring Street and 38-15 Union Street

From left: 50 Spring Street and 38-15 Union Street

1.) Developer Charles Dayan’s Bonjour Capital picked up a development site in East Harlem for $19.5 million. The vacant land at 1988-1996 Second Avenue sits between East 102nd and 103rd streets and consists of four parcels. Bonjour has 72,000 buildable square feet for a new development, although no permits have not been filed yet. The seller, Ginmay Realty, LLC, acquired the site in 2007 for $4.6 million.

2.) Bronx-based Madhatter Realty Inc. purchased a three-story commercial building at 38-15 Union Street in Queens’ Flushing neighborhood for $15.6 million. A garage occupies nearly half of the building’s 32,000-square-foot space, while retail and office fill the remainder of the building. The seller, KC Kims LLC, paid $12.4 million for the site less than a year ago.

3.) A Nolita development site traded hands for the second time in less than a year. KLM Equities paid $13.7 million for a mixed-use building at 50 Spring Street, eight months after DAC Partners acquired the property for $11 million. KLM filed permits last week to demolish the four-story, mixed-use building. DAC was planning to convert the property into a new six-story residential-and-retail building. However, permits were never filed for the project.

4.)  The city purchased a two-story Armark facility at 850 East 138th Street in the Bronx for $10.2 million. The Department of Parks and Recreation plans to move its shop and maintenance facility from Randall’s Island to the 92,000-square-foot space in Hunts Point. Armark has owned the property since 2003.

(Source: ACRIS data for closed sales between August 17- 23, and Reonomy data)